Share-split context: A reverse split was recorded on Dec 9, 2025 with coefficient 0.125. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

Understanding NVOX: DEFIANCE DAILY TARGET 2X LONG NVO ETF

What this ETF is trying to do

NVOX (DEFIANCE DAILY TARGET 2X LONG NVO ETF) is a leveraged ETF. This means it is designed to seek a specific daily goal related to its target. Because it is a "2X Long" fund, it uses financial tools to try to provide double the daily performance of its underlying target.

What the numbers show

The data shows significant share-price declines for this ETF.

• Year-to-Date (YTD) Price Return: The share price has fallen by approximately 56.42% since the start of the year.

• One-Year Price Return: Over the last year, the share price has decreased by approximately 69.96%.

Because no distributions were detected, the YTD and one-year total returns are the same as the price returns. Total return measures the overall change in value, including any cash paid out to investors. In this case, the total return matches the share-price decline.

It is important to note that this ETF has a history of reverse splits. The most recent event occurred on December 9, 2025. In a reverse split, multiple old shares are combined into fewer new shares. This causes the quoted per-share price to rise mechanically, but it does not increase the actual value of the investment.

Income and distribution explanation

Based on the supplied data, NVOX has not paid any distributions recently. The distribution yield is 0%, and there have been no payouts in the last 12 months. Because of this, it does not currently provide cash income to investors.

NAV erosion explanation

This ETF has a severe erosion-risk flag. The data shows an erosion score of 10, which is labeled as "Severe price erosion." This means the fund has experienced a very large drop in its market price.

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion. While the market price has dropped significantly, we cannot use this price data alone to prove what happened to the Net Asset Value (NAV).

Pros

• The ETF provides high leverage, which is designed to amplify daily movements.

Cons

• Significant Price Decline: The fund has seen a very large drop in share price over the last year.

• High Risk: The fund has a severe erosion-risk flag and a high level of price deterioration.

• No Income: There are no recent distributions or cash payouts.

Beginner takeaway

NVOX is a highly leveraged fund that has experienced severe price declines recently. Investors should be aware that the share price has fallen by nearly 70% over the last year. Additionally, the fund's history of reverse splits and its severe erosion-risk flag indicate that it has faced significant price challenges.